This could be serious...whenever the Security and Exchange Commission sets foot inside, there's usually some type of alleged substantiation somewhere along the line to justify their participation...BD
The U.S. Securities and Exchange Commission asked WellCare Health Plans for information - one day after federal and state authorities executed a search warrant at WellCare's Tampa headquarters. The SEC's Oct. 25 request was disclosed in a release from WellCare late Friday. WellCare (NYSE: WCG) is the largest HMO provider under Broward's Medicaid reform program. The company has 28,700 members in Broward County, 40,400 in Miami-Dade County and 12,900 in Palm Beach County in the Medicare, Medicaid and Healthy Kids. The company did not say what type of information the SEC asked for, but said in the release that it is cooperating with all federal and state authorities.
Law enforcement personnel with the FBI, U.S. Department of Heath and Human Services/Office of Inspector General, and Florida Attorney General's Medicaid Fraud Control Unit executed a federal search warrant at WellCare Wednesday. The Justice Department has declined to detail the nature of the investigation.